A private bank has not filed its statement of financial transaction or reportable account in relation to the specified financial transactions for the financial year 2020-21. A notice was issued by the prescribed income-tax authority on 1st October, 2021 requiring the bank to furnish the statement by 31st October, 2021. The bank, however, furnished the statement only on 15th November, 2021. What would be the penalty leviable under section 271FA?
2 Replies
Sandeep shetty
(Sr Accountant)
(292 Points)
Replied 05 May 2021
1. Failure in furnishing the statement of financial transaction / reportable account as required under section 285BA (1) within the time limit prescribed under section 285BA (2).-------------------------INR 500 per day till the failure continues
2.Failure in furnishing the statement of financial transaction / reportable account within the period specified in the notice issued under section 285BA (5).-----------------------------------INR 1000 per day till the failure continues
SANDEEP SINGH & CO
(CA)
(2 Points)
Replied 11 February 2023
Due date 31st May
Delay from Jun to Oct. 153 Days @ 500/- = 76500
Delay (Beyond Notice due date) 15 days @ 1000/-= 15000
Total Penalty 91500/-
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